Many a Bitcoin maxi have been asked the question, “Ok, but how does bitcoin replace the dollar?” Here’s my attempt to answer that question. This will be a short series, the first of which discusses what caused us to lose the gold standard, the second discusses architecture and the third seeks to offer solutions within those frameworks. I’ll begin by…
People often say: “bitcoin can’t be money, it isn’t backed by anything.” This is an old way of thinking that originated with paper money. Prior to paper money, people used precious metal coins (such as gold) because they maintained strong monetary properties: scarcity, durability, divisibility, portability, fungibility, and acceptability (the six monetary properties). Paper became money because it was superior…
Just how easy is it to get rid of nearly $7 billion worth of a cryptocurrency that you don’t want? Probably a lot harder than you might think, according to Ethereum co-founder Vitalik Buterin. During a visit to the UpOnly Podcast yesterday, Buterin discussed several topics throughout the course of an almost two-hour interview with hosts Cobie and Ledger, including…
Blockchain-based play-to-earn (P2E) gaming had a breakout year in 2021, and as the cryptocurrency ecosystem evolves in 2022, the P2E gaming sector and those that invest in it will need to consider what the next steps are. During bull markets, vaporware, speculation and euphoria can lead to unrealistic valuations and expectations, and this appears to also have impacted the P2E…
Think MicroStrategy, the Bitcoin-hoarding software company, did well in 2021 as the price of BTC went from $29,000 to as high as $68,000? Not on paper. And not on the stock market today either as its share prices hit their lowest level since December 2020. The U.S. Securities and Exchange Commission (SEC) nixed the company’s accounting method, which would have…
In brief Dogecoin fell below $0.14 today, marking its lowest price since April 2021. The meme coin, which soared in price in early 2021, is now down 81% from its peak. It’s a brutal day across the cryptocurrency market, which has shed about 13% of its overall value in the last 24 hours, per CoinGecko. And while the especially volatile…
The formation of a smart contract, freezing of the smart contract, execution of the smart contract and finalization of the smart contract are the four significant steps of a smart contract’s life cycle. It is different from the blockchain development life cycle, which begins with defining the issue you want to resolve with your blockchain product and ends with a…
“Nitimur in vetitum” (We are ever striving after what is forbidden) You must have the devil in your body to suggest that there is something evil about a computer algorithm. Surely this would have to be counted as one of the fundamental characteristics of Bitcoin’s evolution: it has been called evil more times than the devil, there has been talk…
Indonesia’s Tarjih Council and the Central Executive Tajdid of Muhammadiyah have issued a fatwa (decree) stipulating the illegality of cryptocurrency use or investment by the country’s Muslims. The fatwa points to the volatility as well as the lack of state backing as reasons why Muslims must avoid investing or using cryptocurrencies. Cryptocurrencies Thought to Be Too Volatile The Indonesian Islamic…
Bitcoin (BTC) price continues to sell-off and the knock-on effect is an even sharper correction in altcoins and DeFi tokens. At the time of writing, BTC price has sank to its lowest level in 6 months and most analysts are not optimistic about an immediate turn around. Data from Cointelegraph Markets Pro and TradingView shows that a wave of selling that began…
